Ping An Good Doctor, a healthcare and medical mobile app backed by Ping An Insurance Company of China, recently announced a Series A funding round worth US$500 million.
The app, which has been evaluated at as much as US$3 billion, broke two records: one for the largest amount of fund-raising through a single round by an online healthcare start-up; and the other for the maximum estimated value after an A round of financing.
DLA Piper says the transaction involved onshore and offshore financing structures, negotiations with the lead investor and other investors, and other complex legal issues related to financing. Set up in April last year, Good Doctor has 77 million users registered on its app and receives consultation requests from up to 250,000 users daily.
The app had recruited 1,000 full-time medical professionals and partnered with 50,000 doctors from public and private hospitals as of April. It provides online consultation services, patient management, pharmaceutical online-to-offline services, and digital health profiles, among others features.
Good Doctor’s investors include international and Chinese investors, including international private equity funds, Chinese state-owned enterprises on the Fortune 500 list, finance corporations and internet companies.
Legal Counsel: DLA Piper advised Ping An Good Doctor, with the team led by Kit Kwok, the firm’s partner in Shanghai. Haiwen & Partners acted as PRC counsel to Good Doctor.